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Square Speaks Out Against FinCen Rule Which Would Make It Harder To Transact In Crypto
Summary: Square, a leading payments company which invested $50 million in Bitcoin last year, has filed a comment opposing a proposed FinCen rule which would make it more difficult for people to carry out large transactions using cryptocurrency. The FinCen rule began gaining attention last week as crypto supporters urged FinCen to extend the comment period. The ...
Square, a leading payments company which invested $50 million in Bitcoin last year, has filed a comment opposing a proposed FinCen rule which would make it more difficult for people to carry out large transactions using cryptocurrency.
The FinCen rule began gaining attention last week as crypto supporters urged FinCen to extend the comment period. The new rule would make it so that users who want to transfer their cryptocurrencies off of centralized exchanges and onto their own private wallets would need to provide personal information to the exchanges. The exchanges would also need to submit and store records involving cryptocurrency transactions.
Square outlined in their comment that the rule would drive activity away from US regulated services, hurting law enforcement's ability to investigate and curbing innovation. Square asked FinCen to extend the comment period and allow for additional formal collaboration with all stakeholders. The authors called this "a critical moment in the advancement of crypto."
By Emily Mason
Tags: Bitcoin,Crypto,FinCEN,Square
Link: Square Speaks Out Against FinCen Rule Which Would Make It Harder To Transact In Crypto [Copy]
